In a year all about being health conscious, CBD has continued to dominate the wellness market. The global CBD market is expected to be worth £5.3bn by 2025, with £1bn of that coming from the UK alone. With such a rapidly-growing industry and new customers all the time, trends in the industry have been quick to flourish without always taking off as much as expected. The new frontier of CBD products contains everything from bed sheets to sheet masks but what do consumers really want?
Natural beauty & wellness products
The skincare industry has also been experiencing rapid growth, with its global value reaching around £110bn in 2020. As consumers learn more about the industry, natural skincare products have become the most sought-after in every niche. CBD has been able to quickly capitalise on this as a natural product with a huge array of uses.
Though the science around the value of CBD in skincare and topical products is still too under-researched to be conclusive, its proven anti-inflammatory effects, as well as its antioxidant content will continue to warrant its inclusion in a wide variety of creams, masks and balms.
This section of the market could reach as high as £713 million, according to research by consultancy firm Prohibition Partners.
The CBD edibles market is expected to account for £38.4 million by 2027. With chocolate bars, gummies and baked goods providing an exciting and tastier way of getting your CBD fix, it’s no surprise these products are rapidly expanding.
A report by Persistence Market Research shows that over 200 hemp-related food and drink products were registered in the EU between 2008 and 2017 which is only expected to rise with the increasing demand.
The CBD drinks market was expected to welcome major players like Coca Cola but this rumour was dispelled late last year. So far, this portion of the market has been dominated by start-ups and small players. But, as well as low and no alcohol drinks, it’s likely that we’ll soon have major name high street brands releasing CBD-infused products to compete as this wellness trend takes off.
Pet CBD is already a highly engaging market. Supermarket News states that almost three quarters of current US CBD users have pets and a quarter of pet owners use CBD for themselves or their pets.
Again, more rigorous research will need to be carried out to verify the benefits of CBD use for pets but anecdotal evidence shows that CBD can provide pain relief and reduce anxiety, both of which can be a great help to pet owners in providing a good quality of life for their furry friends.
International policy changes
This December, the UN made a historical move by reclassifying medicinal marijuana from a dangerous drug. Though CBD and marijuana are only closely related and the chemical CBD is considered a novel food product, this shows a progressive step towards more widespread acceptance of hemp and its derivatives which will only help the international CBD market.
In the UK, consumable CBD product manufacturers will be expected to submit their products for a novel food application for every new product by March 2021. With Brexit negotiations still looking sour and these stricter regulations limiting the ability of smaller businesses to get their products properly registered, we could see a big hit to the UK CBD market in the next year or two.
The global CBD market definitely has an exciting future ahead and, while the only thing certain about Brexit is uncertainty, the UK market will likely continue to thrive. As CBD finds its feet, brands big and small will no doubt continue to develop products that meet the consumer desire for CBD in more adventurous and exciting ways.
This article was written by Damon Culbert from Miracle Leaf Wellness, CBD retailers in the UK.